E11-3 Preparing the Stockholders' Equity Section of the Balance Sheet LLO 11-2, LO 11-4] North Wind Aviation received its charter during January authorizing the following capital stock: Preferred stock: 8 percent, par $10, authorized 20,000 shares. Common stock: par $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: a. Issued a total of 42,000 shares of the common stock for $17 per share. b. Issued 12,000 shares of the preferred stock at $18 per share. c. Issued 3,200 shares of the common stock at $22 per share and 1,200 shares of the preferred stock at $18. d. Net income for the first year was $50,000, but no dividends were declared. Required: Prepare the stockholders' equity section of the balance sheet at December 31. NORTH WIND AVIATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Preferred Stock Additional Paid-In Capital, Preferred Stock $ 132,000 45,200 Common Stock Additional Paid-In Capital, Common Stock Total Contributed Capital 177,200 Total Stockholders' Equity $ 177,200